Franklin Armory Reformation 11.5″ Non-NFA “Firearm”?

Just received information on a new “firearm” from Franklin Armory called the Reformation. The Reformation is not considered a “rifle” or a “shotgun” and though it touts an 11.5″ bbl, it does not require a tax stamp. In their description, the “gun” shows that there is a stock attached, so it is not a “pistol”. Does anyone have more information how this works?